Hyderabad: Bajaj Finance encourages depositors to think digital-first; launches DFD

Hyderabad: Bajaj Finance Ltd today launched Digital Fixed Deposit (FD), offering exclusive rates of up to 8.85% on deposits booked via its app and website.

Bajaj Finance is a part of Bajaj Finserv, one of the country’s largest financial services groups.

Coinciding with the turn of the year, the Digital FD transforms the saving experience by encouraging customers to use digital and assisted digital mode to book deposits. The journey on the Bajaj Finserv app and website is simple, safe, and seamless with near-instant FD booking.

Effective January 2, 2024, Bajaj Finance is offering up to 8.85% per annum to senior citizens for a tenure of 42 months for FDs booked on the Bajaj Finserv App and web. Depositors below 60 years can earn up to 8.60 percent per annum. The revised rates will be applicable on fresh deposits and renewals of maturing deposits of up to Rs 5 crore for a tenure of 42 months.

Sachin Sikka, Head of Fixed Deposits & Investments at Bajaj Finance, said, “Our frictionless processes, attractive interest rates, and customer-friendly policies define consumer experiences with Bajaj Finance FDs. The 2x times growth of our deposit book in 2 years is also a testament to the trust customers place in the Bajaj brand. Our FDs now enable depositors to think digital-first. It is built as a simple end-to-end digital journey with higher interest rates available exclusively on the Bajaj Finserv App and Web. It brings the FD opening experience into the digital age.”

Bajaj Finance has 76.56 million customers with 44.68 million net users on its app platform as of September 30, 2023. The Bajaj Finserv App is the 4th most downloaded app in the financial domain on Playstore in India as per data.io report.

The company has emerged as the country's largest deposit-taking NBFC with a consolidated deposit book of over Rs. 54,821 crore as of September 30, 2023, and with over 1.4 million deposits. The Bajaj Finance Fixed Deposit program has the highest stability ratings with CRISIL’s AAA/Stable and ICRA’s AAA (Stable), offering one of the safest investment options for investors.

The company’s app also offers an Investment Marketplace where customers can access a wide array of mutual funds.